TransCanada abandons $12 billion pipeline project after green push

TransCanada terminates Energy East project

Raitt says new Liberal regulations on Canadian energy projects have forced companies to adhere to standards not enforced in other countries, giving exporters in Venezuela, Saudia Arabia and Algeria a competitive advantage.

The National Energy Board ended up suspending the hearings into the proposed 4,500-kilometre pipeline and selecting a new panel.

While Energy East's collapse may cost Trudeau support in the traditionally conservative oil heartland of Alberta it is likely to prove popular in the eastern province of Quebec, which has far more parliamentary seats and where pipeline opposition from politicians and environmental groups had been stiff. Kinder Morgan's TransMountain pipeline has come under fire for inadequately consulting with indigenous communities along the route, and it had a "very bad" environmental review, Scott said.

"We are proud of the hard work and commitment to the Energy East project shown by our employees and TransCanada over the last four years", says Whitcomb.

In the meantime, Saskatchewan Premier Brad Wall expressed disappointment with Quebec's decision to seek an injunction over the Energy East pipeline.

Canada's Natural Resources Minister Jim Carr said the cancellation was a business decision by TransCanada given oil market conditions had changed since the pipeline was first proposed. Named one of Canada's Top 100 Employers in 2017, Irving Oil operates Canada's largest refinery, in Saint John, New Brunswick, which is located 65 miles north of the United States border and has reached production rates in excess of 320,000 barrels per day.

"I'm not surprised but I was certainly disappointed", McLellan continued, adding that the pipeline project would have brought "hundreds of millions of dollars" in direct and indirect economic benefits to Saskatchewan over its lifetime.

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Pipelines in Western Canada, which holds the world's third-largest crude reserves largely in Alberta's oilsands, can carry about 3.3 million barrels of crude a day, according the the Canadian Association of Petroleum Producers, or CAPP.

"After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East application", company chief executive Russ Girling said in a statement. Speaking to reporters Thursday morning in Montreal, he said the decision was also the result of leadership from his city and other municipalities who insisted on getting reforms to the National Energy Board to ensure a fair process.

Of the cancellation, Green Party leader Elizabeth May added: "Today's announcement from TransCanada to cancel plans for the Energy East pipeline will be celebrated by many Canadians - those who understand that transporting toxic diluted bitumen (dilbit) across pristine areas, and that exporting bitumen to offshore refineries, is a poor business model". Nothing has changed in the Government's decision-making process.

"Moving away from fossil fuels will, by leaps and bounds, out-match the oil industry".

New Brunswick Premier Brian Gallant said in a statement that the company's decision not to move forward is "not good news".

Heurtel said the project wasn't well explained to Quebecers.

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